Seven years lost 2.5 billion, did the Yuan universe save Chinese online?

In October 2021, Facebook announced the renamed Meta, and the concept of the Yuan universe detonated the network. The A -share company took the opportunity to take the concept of the Yuan universe, bringing a wave of stock prices. Chinese online is one of them.

Half a year later, the popularity of the Yuan universe was "cold", and some so -called "Yuan universe" companies were repeatedly exposed to arrears of salary and closed down. In the first half of this year, the performance of Chinese online also changed from profits, and net profit dropped by 318.54%year -on -year.

Although the concept of the Yuan universe is good, the tone reality is heavy on the Chinese online.

Rootless wood

It can be said that Chinese online is one of the earliest companies that have risen in the hotspot of Shangyuan Universe.

When the concept of the Yuan universe is hot, Chinese online frequently uses the expressions such as building the Yuan universe scene in the answer to investors. The company's stock price then soared, and even the closing price increase of two consecutive trading days was more than 30%from the value of the increase in the value of the increase in the price. It touched the abnormal fluctuation standards stipulated by the Shenzhen Stock Exchange and attracted the supervisory letter of the Shenzhen Stock Exchange. Essence

The market's suspicion did not dispel the fanaticism of the Chinese online. In the 2021 annual report, the chairman Tong Zhilei positioned the Yuan universe as "the direction of Chinese online in the next ten years". Continue to work hard and invest in one direction, this concept will lead us to succeed in the Yuan universe era. "

After a hammer, the layout of Chinese online in the Yuan universe is indeed rapid. When answering investors' questions, the company stated that it had applied for trademarks such as the Chinese dollar universe and the 17k yuan universe. The semi -annual report also mentioned that during the company's period, the "First Global Yuan Cosmic Essay Contest" and the digital collection platform were launched to support the construction of the "Tsinghua University School of Journalism and Communication College Yuan Cultural Laboratory", and the "Changan Chain" as the underlying construction alliance Chain Ecological Development Blockchain Certificate Platform.

However, after a meal, the capital market did not buy it. In November last year, which was frequently chased the universe in the universe, the online stock price of China rose, up to 19.88 yuan/share, but then fell as a whole. As of September 13, 2022, the company's stock price closed at 8.34 yuan/share, which has fallen 58.05%compared with the highest point.

In the first half of 2022, the company's R & D expenses were 66.7809 million yuan, although the year -on -year increased by 11.95%, compared with the sales cost of 129 million yuan, the management cost was 78.834 million yuan. Earlier Chinese disclosed that the company has formed a 65 -member Yuan universe team. Compared with Meta's investment in the Yuan universe project, it is obviously not enough to support the R & D investment of only 65 people and less than 100 million yuan. It is obviously not enough to support the Chinese online in the Yuan universe era.

Moreover, from the perspective of performance, the Yuan Cosmic business does not bring substantial scale income to the Chinese online. In the first half of 2022, the company's cultural business achieved revenue of 474 million yuan, accounting for 97.93%of the total income, and it was still the main force of revenue. In the first half of the year, the company's overall revenue fell by 8.54%year -on -year, mainly due to cultural business revenue decreased by 7.29%year -on -year.

Although the name of the "future direction" is the name of the Yuan universe, it is clear that the R & D investment is not enough and has no income capacity. There is no core technology to protect the city, and there is no substantial product. Believe in the market. What's more, in March of this year, Tong Zhilei transferred 12.511 million shares to Xuanyuan Yuanding No. 6 Private Equity Securities Investment Fund through a major transaction method, and he was the only holder of the fund. Such a "left -handed and right hand" approach has long caused "concealed reduction".

It seems that even Tong Zhilei himself does not trust the Yuan universe story he told, so why should Chinese online adhere to the concept of "蹭"?

Helpless move

From the financial report, the performance of losses in the year is an important reason for the forcing Chinese online to be eager to lay out the Yuan universe.

In the first half of the year, Chinese online achieved revenue of 484 million yuan, a year -on -year decrease of 8.54%. During the period, the net loss of mother -in -law was 60.5025 million yuan. In fact, since its listing in 2015, the company's deduction of non -net loss has exceeded 2.5 billion yuan within 7 years. In 2018, the company's deduction of non -net loss reached 1.966 billion yuan. Losses have always been the problem of "boss difficulties" of Chinese online.

In the semi -annual report, the company did not explain the cause of revenue. However, the financial report mentioned that due to the increase in channel costs, operating costs in the first half of the year increased by 70.97%to 237 million yuan, which may be a major factor that caused negative impacts on profits. The company said that during the reporting period, it was widely cooperated with the industry and free sales channels. The cooperation channels covered key Internet reading platforms such as WeChat reading, Qimao novels, and palm Zhongyun, as well as audio platforms such as Himalayan and Dragonfly FM.

The significant increase in channel costs reflects that Chinese online is insufficient in terms of user scale. From the recently announced semi -annual report, the average monthly number of active households with the Chinese online benchmarking technology has reached 160 million, and the average number of monthly active users of readings is 265 million. Advertising traffic monetization is an important source of income for the network text platform, and the size of the user is the key data. However, the semi -annual report has not been disclosed for the size of original websites such as 17K novel networks, April Tiantian Novels, and Wanzhangshu City. In the case of open source, the cost of Chinese online in the first half of the year did not decrease. During the reporting period, the company's management costs, financial expenses, and R & D investment increased by 10.45%, 33.5%, and 10.66%year -on -year, and operating costs also increased significantly by 70.97%. Only sales costs decreased by 41.75%year -on -year to 129 million yuan, which mainly reduced overseas business promotion costs during the period.

However, the financial report shows that overseas regions are the largest source of income from the main cultural business income. Overseas revenue accounts for nearly half of the main income. Compressed overseas promotion costs may not affect subsequent income. Moreover, the company said that it has established branches in Japan and other places, which will open a strategy of overseas business 2.0. Therefore, it is occasionally or normal for overseas promotion costs, and it needs to be further observed.

Long -term losses will undoubtedly put pressure on the cash end. In the first half of 2022, the net cash outflows generated by Chinese online operation activities were 16.2756 million yuan, and 30.5031 million yuan in the same period last year. The net cash generated by investment activities was 198 million yuan, an increase of 1490.13%year -on -year. Only the net cash inflow generated by fund raising activities was 50.769 million yuan, which was from flow to flow from the same year -on -year, but this also mainly increased the amount of bank loans.

As of June 30, 2022, the company's cash and cash equivalents were 242 million yuan, and short -term borrowing and contract liabilities exceeded 400 million yuan. The current cash flow cannot cover liabilities, and subsequent funds cannot be guaranteed. At the same time, the company's receivables in the first half of the year were 208 million yuan, with a large amount. If customers delay payment time and expand the amount of receivables, they may expand the company's operating risk.

In the boneless reality, the Yuan universe has become a chance to seize Chinese online.

put all one's eggs in one basket?

Is the Yuan universe worthy of Chinese online?

At present, the Yuan universe is still in the early stage, the disputes on the concept have not yet stopped, and the supporting infrastructure has not been established. It is uncertain whether it can be truly implemented. Chinese online has been cultivating digital publishing for many years. It seems that it has content advantages in the Yuan universe era, but if the level of technology development cannot keep up, it is difficult to play the value of innovation by relying on content.

Moreover, Chinese online is not the first time to eat the popular concept of "chasing high". The company was listed in 2015, with a daily limit of 21 consecutive trading days. The total market value has been nearly 6 times, and it has boarded the peak of fame and fortune. At that time, the wealthy Chinese online suddenly became obsessed with two -dimensional pan -entertainment. At the expense of more than 1.7 billion yuan, it acquired 100%of the shares of the morning department. He thought he would add high -tech halo, but dragged himself into the quagmire.

From 2018 to 2019, the morning department lost 82.63 million yuan and 293 million yuan, respectively. Lost. In the end, the Chinese online helplessly chose to stop the loss in time, and transferred all the shares of the morning department to the Steel Steel Network for the price of 324 million yuan. But just after leaving the quagmire for a year, Chinese online began to chase the universe with high profile, and this future is still unpalatable.

更让人担忧的是，中文在线的后方并不安稳，其主营的文化业务收入已经开始出现颓势，公司在财报中称正在挖掘新媒体付费市场机会，针对性开展新媒体付费内容的推广及Exploration of potential market opportunities. But it should be noted that free reading is becoming a general trend in the field of online texts.

In recent years, the rise of free platforms such as tomatoes, seven cats, and rice reading has impacted the legitimacy of the paid model of the online text industry. Free dimension reduction strike paid, quickly absorbing and transforming some "tourists", expanding the size of the user, and on the basis of this, advertising traffic monetization or subsequent IP development. Under the fierce competition, whether it is the leading reading of the traditional network text industry or the company's counter -reading technology, it has chosen to increase the free mode. In the financial report in the first half of 2022, Palm Reading Technology even said that free reading has become the main driving force for the company's growth. In this context, online exploration and paying for Chinese online are not necessarily a good choice.

Although the company is optimistic about the development of the Yuan universe, from the perspective of R & D investment and business results, its investment in the Yuan universe is not great. In the uncertain future, the only determination is that if there is no support for performance, the Yuan universe sounds beautiful no matter how beautiful it is after all.

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